Company File
Largest Western uranium miner; tier-one fuel supplier to the nuclear renaissance.
Plate I — Pillar-Purity Score
Fuel to the nuclear AI trade — indirect but durable.
Methodology — How we score
Plate II — The Thesis
Why it’s on the list.
Cameco mines and enriches uranium, with long-term contracts to US and European utilities. Nuclear restarts and SMR commercialization are each a separate uranium-demand leg. Westinghouse stake adds downstream optionality.
Plate III — Supply Chain
Upstream & downstream.
See the full chain plate for all 37 names.
Upstream — what feeds CCJ
Top of chain within our coverage.
Plate IV — Thesis Breakers
What would invalidate this.
- Risk 01Kazatomprom flood-supply shock
- Risk 02Public nuclear backlash
Plate V — Also on the Power plate
Siblings by pillar.
- TLNScore 10Owns the Susquehanna nuclear and Cumulus data-center campus feeding AWS; post-bankruptcy compound.
- CEGScore 9Largest US nuclear fleet; Three Mile Island restart for Microsoft — the purest nuclear-for-AI trade.
- VSTScore 8Texas nuclear + gas generation signing hyperscaler PPAs; recent top-performing S&P utility.
- OKLOScore 8Small modular reactor pre-revenue moonshot; Sam Altman-chaired — speculative but on-thesis.
- GEVScore 7Gas turbines, grid equipment, offshore wind; multi-year backlog constraints are the bull case.
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Next earnings: 2026-05-01.
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Research only. Not investment advice. Do your own diligence.